sch.24-sec.4Meaning of loss of income

### sch.24-sec.4 Meaning of loss of income An applicant’s loss of income is the net income that would have been earned in a period (the relevant period ) if the operation of the applicant’s primary production enterprise, small business or non-profit organisation had not been interrupted by the eligible disaster. The loss of income is assessed on the basis of the financial performance of the applicant’s primary production enterprise, small business or non-profit organisation in previous periods in which the circumstances, other than the effect of the eligible disaster, were similar to the circumstances in the relevant period. sch 24 s 4 prev sch 24 s 4 ins 2013 SL No. 26 s 4 om 2014 SL No. 51 s 6 AIA s 20A applies (see s 8) pres sch 24 s 4 ins 2020 SL No. 29 s 13 (sch.24-sec.4-ssec.1) An applicant’s loss of income is the net income that would have been earned in a period (the relevant period ) if the operation of the applicant’s primary production enterprise, small business or non-profit organisation had not been interrupted by the eligible disaster. (sch.24-sec.4-ssec.2) The loss of income is assessed on the basis of the financial performance of the applicant’s primary production enterprise, small business or non-profit organisation in previous periods in which the circumstances, other than the effect of the eligible disaster, were similar to the circumstances in the relevant period.